Netto UK managing director Charles Kay resigned today, The Grocer understands.

The departure is earlier than expected. Kay had planned to stay at the Danish discounter for another 12 months following its £778m purchase by Asda in May to oversee the transition.

It is not yet known whether Kay has accepted another job.

The news comes after the Office of Fair Trading ordered Asda to sell 47 of Netto's 194-store estate. In some instances the watchdog must approve the buyer before the deal goes ahead.

Asda postponed its first pilot conversions until next year in light of the OFT’s ruling.

Read more
The new generals of retailing (analysis; 6 November 2010)
Asda to offload 47 Netto stores to placate OFT (23 September 2010)
Is Netto a good catch for Asda and what’s the plan? (analysis; 5 June 2010)